Homework Answers
ANSWER:
OPTION C: 146000 units
EXPLANATION:
For February,
sales = opening inventory + units produced - closing inventory
= 30000 + 152000 - 36000
= 146000
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Following information relates to Acco Co.
Beginning cash balance on July 1: $30,000.
Cash receipts from sales: 27% is collected in the month of
sale, 50% in the next month, and 23% in the second month after sale
(uncollectible accounts are negligible and can be ignored). Sales
amounts are: May (actual), $1,032,000; June (actual), $720,000; and
July (budgeted), $840,000.
Payments on merchandise purchases: 54% in the month of purchase
and 46% in the month following purchase. Purchases amounts are:
June...
Lois Bragg owns a small restaurant in Boston. Ms. Bragg provided her accountant with the following summary information regarding expectations for the month of June. The balance in accounts receivable as of May 31 is $59,000. Budgeted cash and credit sales for June are $146,000 and $582,000, respectively. Credit sales are made through Visa and MasterCard and are collected rapidly. Seventy five percent of credit sales is collected in the month of sale, and the remainder is collected in the...
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Help please
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